11.   The action would allow the country to exit from a three-year borrowing program.

12.   The consolidated public sector account is closely watched by the International Monetary Fund under a two-year precautionary borrowing program.

13.   The Philippine central bank governor said Tuesday he does not expect any obstacles that would prevent the country from leaving an International Monetary Fund borrowing program in four months.

14.   The Philippines will not seek a further borrowing program with the International Monetary Fund once its current arrangement expires next March, a newspaper reported Tuesday.

15.   The Philippines is currently under a two-year IMF precautionary borrowing program.

16.   The precautionary arrangement, which is a standby loan facility, has somewhat laxer conditions attached to it than fully-fledged borrowing programs.

17.   This was one of several prerequisites for the Philippines to graduate from the IMF borrowing program.